Why Lenders use Monthly Debt Taxes


This is episode 15 of the Steven Tyler show I’m still trying to.com and is a time and I is is hello people I was talking to the people limits the charts are about this mortgage and global mortgage and almost more junior like act like I’m talking to you Arlington mortgage loan studio okay Columbia mortgage is not in the studio different spirit is below mortgage in student almost a mortgage industry guards find more ensure your life on Facebook but the connection is very weak so it says and I don’t know why it’s not connecting but I’m cancel it coordinate go back up in the second okay those of you watching live on Facebook who won’t hear this right now, said anyone we are broadcasting live with episode 15 and worrying a backup source on metadata today we’re talking about islanders use monthly tax and insurance payments and debt ratio why do they mean Have to do what because it’s a lot vastly that is calculated in the monthly debt Taxes and insurance like mortgage insurance while I can have it to their document accident or so what kind of insurance of the some same homeowners what homeowners also known as hazard insurance hazard insurance’s the insurance is in place if anything were to happen your home like what like a tornado in doing tornadoes in Oklahoma definitely want to use an image doctrinal video action I’m not kidding when we been really aren’t coming of the tornadoes of been crazy Oklahoma they item not getting regularly 45 minutes ago eight, doggone it went southwest of us went on the TV and assorted guard so what is that mean when you talk about monthly tax and insurance payments will the taxes and insurance are only do once a year and normally different times machine alone in December but in a that we have to calculate that as a monthly payment so that way there’s enough money and something regarded on the physical escrow General Yeah I got to work on the money is in the escrow account what is that comprised of want to reserves for your taxes and insurance so they can get paid when there do annually so we break it down see the cannot pocket a full however much as in a be every year is coming a smaller payment every month in an escrow account seven… What is the final Alaska will you have that option get 20% under well defined between percent on a desk or like I have to have an escrow, such between personnel you didn’t to required in interesting escrow is not a bad thing at a costing more money now a cost you zero more money zero dollars dollars how many dollars as a costly zero I’m adding it up right now seems like it’s constantly dollars the second daughter so would like what they do with the money like every night every night as I make my mortgage payment I have a problem entertainment and then there’s a portion of that because my taxes apportioning is my insurance that money sits in an escrow account for you all your toes become due but don’t charge me to they do not board is a money to your taxes and insurance alert is set the holier sits in an escrow account with like so just a account it’s in an account with Virender and then they went how they get notified when something’s do I have a no one to pay my taxes and insurance while your insurance is due entirely to his life and say they’re all for the most part unless you and also allude to our regular load in less remotes is arguments unless he will change their insurance during the life of the loan so maybe June For the most part your insurance enemy do every single June 20 by adolescent renews this restaurant policy renews I get it unless you change of life in owner you buy a house in June and five years from now you getting your insurance policy and August packaging since I got cheaper insurance I got it in all artists so my than my renewal date change is at Dutch exact blood taxes that are due in December for everyone so when you
like if I’m out looking for a house with a realtor in the right book this house is on an €50,000 repayment it’s $980 on including that move had including the taxes and insurance and that likely become electrolytic you can buy a house for nine or New York Alex really do it while doing that there is like his are using some like online mortgage decorator that doesn’t actually taxes and insurance probably just a principal and interest actually, as well as common on you’re going to find so whenever you Google but how much I knows it is even madder at me like my tulsa mortgage loans payments 980 on the online daily bopper with my tulsa mortgage loans payment with taxes measured about 1 million how much more can be in a distant then summarily every house is different, you were since the most it can be Tyler Green like 200 bucks can depends where that is a house in the middle of nowhere is out right in the Senate there’s not a lot of closer something that I can be more amateur taxes that are very warlike average like Obama does or how psychometry do estimate for taxes like what 1500 year 1800 you like zero year 500 I wish I could give in average to legitimately estimate buying 190,000 our house and I think the taxes are $100 a year but hereby the same house right in the smack dab in the middle of Tulsa Index Rongen of the 2000 actually so 2000 I 12 O 2400 R 12 is 200 so my pain is 980 principal and interest then when you add taxes now it’s 1180 the run insurance and helping more so I My browser insurance agent so he’s always going to be cheap insurance Jerusha followers administrator area death by you have an F rating with the interest wall giving worst of breaks I have to make a claim so absolutely and totally play along here because many just joined and I was laughing that but listen guys on in the the point is in that little exercises that yet your insurance is your insurance is a managed it can be expensive so you shall be prepared for the fact that your insurance can be expensive and if you’re cackling principal and interest payment only at 980 even your you might as well be cackling your interest payment at 0% interest rate exactly sites will irreparably with no interest will be a lot different than what would be with interest right and added taxes and insurance to it and by the way if you want to govern alone have to have a escrow You required to have it interdimensional not necessarily required out of the day make you pay do not have it and liability that online calculator and they determine that there am today no kidding are going on it you’ll find an email from the other day that said I’m doing this math and I This pain about things right please tell around a wrong when the user onto front was weekly and accident will recall that the ITI PR ATI principal interest taxes and insurance on the Gessler page Chandler Hudson what’s going on labor were just doing live podcast from Riverwalk so let’s go on to our next level in the that the mystic this statistic will kick you in the mystic by 99% of all people have an escrow account and it doesn’t cost you any more money to do so that is completely made up what is probably pretty close richer just like all of our statistics were Gessler Ricky we make up our statistics and you shouldn’t know that treatment like to work but correctly I think I need it to there we go the path of that’s the hot source social let’s thought sauce we have hot sauce and O Chana wants to be on the show sometime so a Chandler we can W Jones show sometime you can talk about baseball I could stuff going on right now come actually like ready come down on a and you get on the show I doubt become this, Facebook weaving that Ricky was sorry for you podcast listeners we are on Facebook live in people are commenting about the Mike covering my face my politics you talk directly into my we have to speak directly in the micro doesn’t work so 99% of all people have an escrow counted as a call to do so that’s completely made up but it’s really not so there’s a lot of people that have an escrow
account correct Tyler just how many ones of you closed in your lifetime where they did not escrow I can probably count one hand I think of I you I know how many loans Tulsa closed and your product on zero and scope those rude those rude but seriously having occupied, one or two hands and articles on loans like hundreds thousands won’t most people just escrow because it’s easy right so but here’s a link to his like grumpy last like why do you have to include that in your monthly debt ratio requirements January you okay that’s better so I think that my debt ratio requirement was because as part your monthly outlay partier payment that you got to come up with every month I mean what why would that be any different than anything else to get the pay monthly I have to casually that a near payment because it’s part of your monthly payment so therefore it is required for me to calculate and your monthly payment like the lifts the benefit of escrow compared opting out of gas there is no benefit in less you’re one of those people that I just think if you’re taxes and insurance are 1012 50,000 bucks a year and you can put that money into a savings account or money market account make interstellar Tyler that the my make sense your while I counted the people dissing about this taxes are due in December right was a taxes or $15 your stroke of 1500 or check in December was a taxes or 8500 bucks okay X because he was this gigantic house on topics we consider 8500 bucks what else is in December Christmas Christmas dearly one-stroke and 8500 R check around Christmastime Rowand is to buy that up over 12 months make it a little bit easier on yourself make it manageable now nothing new became manager but understanding is a laborious thing he’s saying the 70s is an opponent and him in an escrow account its interest-bearing and they make money from your money to all probably but the alternative is that if you individually on a choice a few documents alone you have a choice but if you’re taxes and insurance app we do at the same time in your taxes like Rick or 8500 bucks a year because he which Rich Rick then your stroke in the world attacked or the inch if your insurance is 3000 your taxes are either hundred you’re literally good at 11,500 art expect one check but to write your stroke your member the other members out yet that feeling to service in your bill but you also have to remember to paint so that’s statistic that we just broke down for you guys is that 99% of all people escrow which is completely made up so’s handling yet simply made up its completely made up its completely made up so I think at this point it might be time for summer and I Rick said that’s a big check to stroke it might give him a stroke via Google will estimate the dynamite is stroke and you might pass out so listen here’s the story so we we talked up his long time so Rick being a realtor you know this we have people that say my realtor told me that my payment was in the X and we submitted offer house and they were online they did my bike in the Later Bela Loblaw and they call me because they’re in contract of house and the night till in the roping writer didn’t think that’s like a festive that’s what it’s like what what payment is what anywhere and then it sounds like we are the bad guys because they didn’t have with the payment was right and right now but it’s not us that’s the bad guy it’s that you should never been talking to your realtor about what your monthly payments were because your realtor doesn’t do your tulsa mortgage loans document are aiming Tyler setting in that’s it very similar to what happens when you’re in church you say amen similar very similar so why to at they try to be the Noel I don’t I really don’t they’re not bad people do not a bad people but they make mistakes because they are not professional tulsa mortgage loans lenders were Gessler said it’s better to be the second realtor to help those people after the first one gets fired for trying to catch the statements the in whatever that happens we’ll gone to such as I was
tired into the shock answer anyone tell is an answer anyone began that something guys it’s like your realtor why are you talking them is using answer if you while your potential taxation just you want to know if you have to have an escrow account when an escrow account is due this torture lender know what your principal interest taxes and interest payment is see you know how much your loan cost you monthly instead of writing it offer on a house that maybe you can or can’t afford and whether you cannot is really immaterial because we talked about this a previous podcast it’s not about what you force about what you’re comfortable with kissing you talk yourself into a higher payment because your realtor talk to them by not telling you what the payment is coming by misinforming you of what the payments and everyday cultures nothing but the truth not half the troops have the truth is this anti-hybrid pork repurchased on I wrote was my insurance quote of older waiting on that boat on getting alive call from Nathan Ellsworth who Nathan Nathan, I live on a podcast for now be of a tulsa mortgage loans question during podcast/we can help you eventually said he has a poor 70 credit score and easily neutralized and he wants to know what rating on the 60 your tulsa mortgage loans what’s reassess will on the tell you out time when calling asking that that’s oh just want on I just the industry our new that anybody so the listen that guys about as crazy as anybody that goes up find house Alyssa Sirota Robert yet there’s nothing wrong with each of what guys if you can get a house that’s three times as wide as a matter house get think that’s trouble might but if that’s the case and interest just do your thing but don’t talk this if you don’t go to the younger the pharmacist like is this cancer know you don’t you go to the doctor so you don’t go to the realtor and say that’s my payment because Allender that’s the lesson the afternoon about PFT a payment see no amateur loan loans are cost that’s a lesson today folks illness around when the time for that anyway that’s a guys that’s our Pacific today enjoy having

Total Lending Concepts is a DBA of Midwest Mortgage Associates Corp. Midwest Mortgage Assoc. Corp. funds FHA, VA, Conventional, and USDA Guaranteed (Rural Development) mortgage loans. NMLS # 1043976. Colorado License #1043976, Missouri # 13-2126-A, Kansas License # MC.0025239, Missouri License # 1043976, Oklahoma License # ML010869, New Mexico License # 1043976. Not all Mortgage Loan Originators are licensed in all the states where MWMA is licensed. Some loan types are NOT available in every state. Call or check with an authorized Mortgage Loan Originator for program availability in your state. *"NMLS" refers to "Nationwide Mortgage Licensing System".